Gantry, the largest independent commercial mortgage banking firm in the U.S., has secured a $10.3 million permanent loan retiring construction debt for the new Extra Storage Space facility in Los Banos, a fast-growing commuter and agri-business community strategically located on the I-5 in California’s Central Valley. The modern, climate-controlled facility also offers vehicle storage.

Gantry’s Tom Dao, Principal, and Erinn Cooke, Senior Associate, with the firm’s San Francisco production office represented the borrower, a private real estate investor. The six-year loan was provided by one of Gantry’s life company correspondent lenders experienced in underwriting self storage and features an attractive fixed rate with mid-term reset.

According to Gantry’s Tom Dao, “Gantry’s depth of experience underwriting self storage through our correspondent network of insurance company sources has allowed us to identify a roster of lenders comfortable addressing assets in various phases of lease up. This includes permanent loans for pre-stabilization new builds that can retire high-priced construction debt with an attractive fixed rate. These loans can offer significant savings to construction loans and are priced to add legacy value while reaching towards stabilization.”